Brits will spend £1.47 Billion abroad this Summer
The summer holidays are officially here and thousands of holidaymakers are set to jet off overseas over the next 2 months.
Barclays have predicted £43 million will be spent on debit cards on Friday 29th July as the peak holiday spending day.
The forecast comes as total overseas debit and credit card spending is on the rise. The bank believes that total spending, including cash withdrawals, will hit £1.47 billion over the six-week break.
The predicted figures are similar to that of the 2010 summer, illustrating how consumer confidence has remained steady.
The research found that Spain, France and the USA are the nation’s favourite holiday destinations, with almost two-fifths of transactions likely to occur in these countries.
However, the research has also found that there are a growing number of people taking short European trips as opposed to the traditional two week holiday.
Latvia and Germany have seen the biggest increase in popularity this year with the number of debit transactions increasing by 60% and 56% in these destinations respectively.
Dan Wass, Current Account Director for Barclays, comments: "Since the recession hit, the number of people going abroad for their holidays has been declining. However according to statistics these figures are now stabilising.
Taking advantage of the current economic climate across Europe, savvy holidaymakers are looking for cheaper deals.
“British holidaymakers look for bargains amid the economic crisis in Europe, benefiting from lower prices in hotels, restaurants and bars.”
"Using a debit card for overseas spending is the safest and easiest way to pay.
Whilst using cards to withdraw cash at ATMs is still the most popular option, we know that more people are starting to use their debit card to pay at point of sale rather than carrying foreign currency."
When going abroad there are many options available , if you feel that a debit or credit card could be unsafe , you could opt for travel money cards.